How Much Can I Afford?

DEFINITIONS

Annual income

Your gross annual income. For married couples this is your total combined gross annual income. Please note that if you enter a purchase price or total monthly payment the calculator will determine the gross annual income required to qualify for the purchase. This calculated amount may be higher or lower than your actual income.

Purchase price

The price of the home you wish to purchase. This is the actual price you pay, not including any closing costs. If you enter an annual income or a total monthly payment, the purchase price will be calculated based on these amounts.

Total monthly payment

Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and heat paid each month. If you enter a purchase price or annual income, the total monthly payment will be calculated based on these amounts.

Interest rate

The current interest rate you can receive on your mortgage.

Amortization in years

The number of years over which you will repay this mortgage.

Mortgage amount

Total amount for this mortgage.